Procore Technologies (NYSE:PCOR) Sees Large Volume Increase on Analyst Upgrade

Key Points

• Barclays raised Procore’s price target to $60 from $50 while maintaining an overweight rating, prompting trading volume to surge 194% to 8.1 million shares.
• Analysts hold a consensus “Moderate Buy” rating with an average price target of $70.44, despite mixed views ranging from strong buy to sell.
• Procore exceeded quarterly expectations, reporting $0.47 EPS versus $0.42 expected and $375.2 million in revenue, up 15.8% year over year; insiders sold $8.8 million of stock over the past three months.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) shares saw unusually-strong trading volume on Tuesday after Barclays raised their price target on the stock from $50.00 to $60.00. Barclays currently has an overweight rating on the stock. 8,104,461 shares changed hands during mid-day trading, an increase of 194% from the previous session's volume of 2,760,942 shares.The stock last traded at $55.9690 and had previously closed at $55.26.

Several other brokerages also recently commented on PCOR. TD Cowen reduced their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research report on Tuesday, July 28th. BTIG Research reissued a "buy" rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. UBS Group raised their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Friday. Wall Street Zen downgraded shares of Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $70.44.

Insider Activity

In related news, insider Benjamin C. Singer sold 3,942 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares of the company's stock, valued at $40,375,005.60. This trade represents a 5.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock worth $8,791,847 over the last three months. 16.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of PCOR. SJS Investment Consulting Inc. lifted its stake in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies in the 3rd quarter worth $34,000. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies in the fourth quarter valued at about $41,000. Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after purchasing an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas bought a new position in shares of Procore Technologies during the fourth quarter valued at about $54,000. Institutional investors own 81.10% of the company's stock.

Procore Technologies Price Performance

The company has a market capitalization of $8.47 billion, a P/E ratio of -215.85 and a beta of 0.70. The business's 50-day moving average is $45.02 and its two-hundred day moving average is $51.64. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The firm's quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 EPS. As a group, analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.